Free Printable Cashless Society Study Guide

1.

Check

a)

A Written and signed document that Contains an unconditional order from the drawer (person who wrote it) that directs a bank to pay a specific sum of money to a payee.

b)

Consumers purchase these cards for a specific amount of money. The amount paid is stored in the card´s memory, and the card can be used to pay for goods or services at any store. Can be reloaded.

c)

Linked to a checking account. Used to pay goods for goods and services at retailers and online.

2.

Credit Card

a)

Consumers purchase these cards for a specific amount of money. The amount paid is stored in the card´s memory, and the card can be used to pay for goods or services at any store. Can be reloaded.

b)

Linked to a credit line used to pay for goods and services. Helps to establish credit.

c)

Some retail chain stores sell crash cards which can be used to pay for their products.

3.

Crash Card

a)

Any transfers of funds, other than a transaction originated by check or other paper instrument initiated through an electronic terminal, telephone, or computer, to authorize a financial institution to debt or credit an account.

b)

Consumers purchase these cards for a specific amount of money. The amount paid is stored in the card´s memory, and the card can be used to pay for goods or services at any store. Can be reloaded.

c)

A Written and signed document that Contains an unconditional order from the drawer (person who wrote it) that directs a bank to pay a specific sum of money to a payee.

4.

Store Cash cards/gift cards

a)

Some retail chain stores sell crash cards which can be used to pay for their products.

b)

Consumers purchase these cards for a specific amount of money. The amount paid is stored in the card´s memory, and the card can be used to pay for goods or services at any store. Can be reloaded.

c)

Linked to a credit line used to pay for goods and services. Helps to establish credit.

5.

Debit Card

a)

Linked to a checking account. Used to pay goods for goods and services at retailers and online.

b)

Some retail chain stores sell crash cards which can be used to pay for their products.

c)

Linked to a credit line used to pay for goods and services. Helps to establish credit.

6.

EFT

a)

Linked to a credit line used to pay for goods and services. Helps to establish credit.

b)

Any transfers of funds, other than a transaction originated by check or other paper instrument initiated through an electronic terminal, telephone, or computer, to authorize a financial institution to debt or credit an account.

7.

Contactless Payment

a)

Any transfers of funds, other than a transaction originated by check or other paper instrument initiated through an electronic terminal, telephone, or computer, to authorize a financial institution to debt or credit an account.

b)

Any transfers of funds, other than a transaction originated by check or other paper instrument initiated through an electronic terminal, telephone, or computer, to authorize a financial institution to debt or credit an account.

c)

Transactions completed with no physical connection between the payment device and the Point of Sale (POS) device or store clerk.

8.

Example of Check:

a)

Personal Check

b)

VISA gift card / VISA Cash Card

c)

Starbucks gift card

d)

Navy Federal Debit card

9.

Example of Credit Card:

a)

VISA Credit Card

b)

Navy Federal Debit Card

c)

Navy Federal Debit card

10.

Example of Cash Card:

a)

Navy Federal Debit Card

b)

VISA gift Card/VISA Cash Card

c)

Personal Check

d)

Starbucks gift card

11.

Barter

a)

Transactions completed with no physical connection between the payment device and the Point of Sale (POS) device or store clerk.

b)

Exchanging goods or services with an individual to make it possible to satisfy needs and wants without the exchange of money.

12.

Example of Debit Card:

a)

ApplePay

b)

Navy Federal Debit card

c)

VISA gift card/VISA Cash Card

13.

Example of Contactless Payment:

a)

Starbucks gift card

b)

ApplePay

c)

Swap Meet

d)

VISA Credit Card

14.

Example of EFT:

a)

Western Union Paypal Zelle

b)

ApplePay

c)

Swap Meet

d)

Personal Check

15.

Which government agency makes paper money?

a)

The Federal Bureau of Investigation

b)

The Department of Transportation

c)

The Environmental Protection Agency

d)

The Bureau of Engraving and Printing (BEP)

16.

Which Government agency makes coins

a)

Department of Treasury

b)

United States Mint

(US Mint)

c)

Federal Reserve

d)

Department of Defense

17.

Which government agency collects taxes?

a)

Internal Revenue Service (IRS)

b)

Federal Bureau of Investigation (FBI)

c)

Central Intelligence Agency (CIA)

d)

National Aeronautics and Space Administration (NASA)

18.

BEP, US Mint, and IRS all agencies that are all part of the-

a)

United Nations government

b)

European Union government

c)

World Health Organization government

d)

United States Treasury

19.

What Are advantages of a cashless society?

a)

Convenience: no bulky currency, can´t be robbed

b)

No risk of counterfeiting

c)

Less Privacy

d)

Exposure to cyber theft

e)

Higher risk of impulse spending

20.

Disadvantages of a cashless society

a)

No risk of counterfeiting

b)

Less Privacy

c)

Exposure to cyber theft

d)

Higher risk of impulse spending

e)

Convenience: no bulky currency, can´t be robbed

21.

Sources of Cash (or cashless cash)

a)

- Salary/Wages/tips

- Gov´t aid/Welfare

b)

- Food Stamps

- Gift/¨handshake¨/bribe

c)

- Interest from bank

- deposit/Stock dividends

d)

- Capital Gains (selling items for more than you paid for it)

- Converting assets into cash (selling car, boat, jewelry)

22.

Example of Barter:

a)

Swap Meet

b)

ApplePay

c)

Western Union Paypal Zelle

23.

Example of Store Cash cards/gift cards:

a)

Personal check

b)

Starbucks gift card

c)

Navy Federal Debit card

d)

VISA Credit Card

Cashless Society Study Guide

Total questions: 23

Worksheet time: 12mins

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